Market Cap
CHF4.2b
Last Updated
2020/06/05 23:13 UTC
Data Sources
Company Financials +
Executive Summary
BKW AG plans, builds, and operates infrastructure to produce and supply energy for businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally.
Rewards
Risk Analysis
Earnings are forecast to decline by an average of -5.5% per year for the next 3 years
Snowflake Analysis
Excellent balance sheet and good value.
Share Price & News
How has BKW's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: BKW has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
4.0%
BKW
4.2%
CH Electric Utilities
2.3%
CH Market
1 Year Return
18.2%
BKW
9.1%
CH Electric Utilities
3.2%
CH Market
Return vs Industry: BKW exceeded the Swiss Electric Utilities industry which returned 10.4% over the past year.
Return vs Market: BKW exceeded the Swiss Market which returned 3.6% over the past year.
Shareholder returns
| BKW | Industry | Market | |
|---|---|---|---|
| 7 Day | 4.0% | 4.2% | 2.3% |
| 30 Day | 2.0% | 13.1% | 4.9% |
| 90 Day | -5.6% | -4.4% | 2.7% |
| 1 Year | 21.6%18.2% | 13.0%9.1% | 6.6%3.2% |
| 3 Year | 47.3%35.7% | 49.3%31.8% | 21.1%8.7% |
| 5 Year | 165.9%129.0% | 53.2%19.7% | 32.6%10.5% |
Price Volatility Vs. Market
How volatile is BKW's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
Should BKW AG (VTX:BKW) Be Part Of Your Dividend Portfolio?3 weeks ago | Simply Wall St
Why You Might Be Interested In BKW AG (VTX:BKW) For Its Upcoming Dividend4 weeks ago | Simply Wall St
How Much Did BKW AG's (VTX:BKW) CEO Pocket Last Year?Valuation
Is BKW undervalued compared to its fair value and its price relative to the market?
46.7%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: BKW (CHF79.7) is trading below our estimate of fair value (CHF149.41)
Significantly Below Fair Value: BKW is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: BKW is good value based on its PE Ratio (10.7x) compared to the Electric Utilities industry average (11.7x).
PE vs Market: BKW is good value based on its PE Ratio (10.7x) compared to the Swiss market (19.8x).
Price to Earnings Growth Ratio
PEG Ratio: BKW's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: BKW is overvalued based on its PB Ratio (1.2x) compared to the XE Electric Utilities industry average (0.8x).
Next Steps
Future Growth
How is BKW forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
-5.5%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BKW's earnings are forecast to decline over the next 3 years (-5.5% per year).
Earnings vs Market: BKW's earnings are forecast to decline over the next 3 years (-5.5% per year).
High Growth Earnings: BKW's earnings are forecast to decline over the next 3 years.
Revenue vs Market: BKW's revenue (4.6% per year) is forecast to grow faster than the Swiss market (2.3% per year).
High Growth Revenue: BKW's revenue (4.6% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: BKW's Return on Equity is forecast to be low in 3 years time (8.5%).
Next Steps
Past Performance
How has BKW performed over the past 5 years?
-1.5%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: BKW has a large one-off gain of CHF121.0M impacting its December 31 2019 financial results.
Growing Profit Margin: BKW's current net profit margins (14.1%) are higher than last year (7.2%).
Past Earnings Growth Analysis
Earnings Trend: BKW's earnings have declined by -1.5% per year over the past 5 years.
Accelerating Growth: BKW's earnings growth over the past year (109.9%) exceeds its 5-year average (-1.5% per year).
Earnings vs Industry: BKW earnings growth over the past year (109.9%) exceeded the Electric Utilities industry 10.4%.
Return on Equity
High ROE: BKW's Return on Equity (10.8%) is considered low.
Next Steps
Financial Health
How is BKW's financial position?
Financial Position Analysis
Short Term Liabilities: BKW's short term assets (CHF2.0B) exceed its short term liabilities (CHF1.3B).
Long Term Liabilities: BKW's short term assets (CHF2.0B) do not cover its long term liabilities (CHF4.2B).
Debt to Equity History and Analysis
Debt Level: BKW's debt to equity ratio (35.1%) is considered satisfactory.
Reducing Debt: BKW's debt to equity ratio has reduced from 63.4% to 35.1% over the past 5 years.
Debt Coverage: BKW's debt is well covered by operating cash flow (35.7%).
Interest Coverage: BKW's interest payments on its debt are well covered by EBIT (4.3x coverage).
Balance Sheet
Next Steps
Dividend
What is BKW's current dividend yield, its reliability and sustainability?
2.76%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: BKW's dividend (2.76%) is higher than the bottom 25% of dividend payers in the Swiss market (1.94%).
High Dividend: BKW's dividend (2.76%) is low compared to the top 25% of dividend payers in the Swiss market (3.83%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, BKW has been paying a dividend for less than 10 years.
Growing Dividend: BKW's dividend payments have increased, but the company has only paid a dividend for 8 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (29.7%), BKW's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: BKW's dividends in 3 years are forecast to be well covered by earnings (38.2% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
4.6yrs
Average management tenure
CEO
Suzanne Thoma (57yo)
7.42yrs
Tenure
CHF1,764,000
Compensation
Dr. Suzanne Thoma, Ph.D., Chemical Engineer ETH, has been the Chief Executive Officer of BKW Energie AG since 2013, Head of Group Management since 2010 and serves as its Member of Executive Board. Dr. Thom ...
CEO Compensation Analysis
Compensation vs Market: Suzanne's total compensation ($USD1.84M) is about average for companies of similar size in the Swiss market ($USD1.85M).
Compensation vs Earnings: Suzanne's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Member of the Group Executive Board | 7.42yrs | CHF1.76m | 0.077% CHF3.2m | |
| CFO & Member of the Group Executive Board | 5.83yrs | no data | 0.038% CHF1.6m | |
| Head of Business Operations | no data | no data | no data | |
| Head of the Group Markets & Services Division and Member of Executive Board | 3.42yrs | no data | 0.016% CHF662.5k | |
| Head of the Building Solutions Division & Member of the Executive Board | no data | no data | no data | |
| Head of Corporate Communications & Member of the Executive Board | no data | no data | no data | |
| Head of Power Grid & Member of Group Executive Board | no data | no data | 0.019% CHF792.5k | |
| Head of Infra Services Division & Member of the Executive Board | no data | no data | no data | |
| Head of Engineering Division & Member of the Executive Board | no data | no data | no data | |
| Head of Production & Member of Executive Board | 0.42yr | no data | no data |
4.6yrs
Average Tenure
55yo
Average Age
Experienced Management: BKW's management team is considered experienced (4.6 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Independent Director | 8.08yrs | CHF80.00k | 0.0034% CHF143.4k | |
| Independent Director | 7.08yrs | CHF92.00k | 0.0087% CHF366.8k | |
| Independent Chairman of the Board | 9.42yrs | CHF385.00k | 0.0089% CHF374.4k | |
| Independent Director | 2.08yrs | CHF80.00k | 0.0011% CHF48.0k | |
| Independent Vice Chairman | 2.42yrs | CHF143.00k | 0.010% CHF440.0k | |
| Independent Director | 1.75yrs | CHF77.00k | 0.0011% CHF48.0k | |
| Independent Director | 2.08yrs | CHF97.00k | 0.00019% CHF8.0k |
2.4yrs
Average Tenure
54yo
Average Age
Experienced Board: BKW's board of directors are not considered experienced ( 2.4 years average tenure), which suggests a new board.
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
BKW AG's company bio, employee growth, exchange listings and data sources
Key Information
- Name: BKW AG
- Ticker: BKW
- Exchange: SWX
- Founded:
- Industry: Electric Utilities
- Sector: Utilities
- Market Cap: CHF4.206b
- Shares outstanding: 52.78m
- Website: https://www.bkw.ch
Number of Employees
Location
- BKW AG
- Viktoriaplatz 2
- Bern
- Bern
- 3013
- Switzerland
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| BKW | SWX (SIX Swiss Exchange) | Yes | Registered Shares | CH | CHF | Dec 2011 |
| B9W | DB (Deutsche Boerse AG) | Yes | Registered Shares | DE | EUR | Dec 2011 |
| 0QQ0 | LSE (London Stock Exchange) | Yes | Registered Shares | GB | CHF | Dec 2011 |
Biography
BKW AG plans, builds, and operates infrastructure to produce and supply energy for businesses, households, and the public sector in Switzerland, Germany, Italy, France, and internationally. It operates through three segments: Energy, Grid, and Services. The Energy segment builds, operates, and maintains power plants, such as hydroelectric, nuclear, fossil-fuel, and other renewable energy power plants. It also sells energy, as well as trades in electricity, certificates, and commodities. The Grid segment builds, operates, and maintains distribution grid. The Services segment engages in the provision of planning and engineering consultancy services for energy; infrastructure and environmental projects; and integrated services in the area of building technology; as well as the construction, servicing, and maintenance of energy, telecommunication, transport, and water networks. The company is headquartered in Bern, Switzerland.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/06/05 23:13 |
| End of Day Share Price | 2020/06/05 00:00 |
| Earnings | 2019/12/31 |
| Annual Earnings | 2019/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.